The bill amends the Oklahoma Parental Choice Tax Credit Act, introducing new definitions and modifying existing ones, particularly concerning the enforcement of annual credit limits. It increases the annual credit limitation by the amount of any unused credit and requires the Department of Human Services and the Oklahoma Health Care Authority to verify claims made by applicants. The application period for tax credits is adjusted from February 15 to a new timeframe of March 15 through June 15 for the 2026-2027 school year and beyond. Additionally, the bill mandates that participating private schools provide specific enrollment and tuition information electronically by June 15 each year.

Significant changes include the removal of taxpayer information related to certain tax credits from the publicly maintained list and the introduction of a new definition for "accrediting association." The bill establishes a maximum credit of $7,500 for private school tuition based on the taxpayer's income and the type of educational institution attended by the eligible student. It also modifies the payment structure for credits, transitioning from two installments to a full credit amount for students enrolled for the entire school year. Furthermore, the bill allows for the reallocation of credits to the next eligible taxpayer if a taxpayer opts out or becomes ineligible, and it includes provisions for audits of claimed expenses while ensuring that credits received do not count as taxable income. The act is set to take effect on July 1, 2025, with an emergency clause for immediate implementation upon passage.